Leases (Tables)

6 Months Ended

Jun. 30, 2021

The following table provides a disaggregation of lease income recognized as either fixed or variable lease income based on the criteria specified in ASC Topic 842:

(in thousands)	Three months ended June 30,						Six months ended June 30,
	2021			2020			2021			2020
Operating lease income
Fixed and in-substance fixed lease income	$	197,234			202,467		$	393,288			407,409
Variable lease income		68,661			61,748			132,728			126,417
Other lease related income, net:
Above/below market rent and tenant rent inducement amortization, net		6,007			10,416			12,003			23,296
Uncollectible straight-line rent		(1,792	)		(16,287	)		(3,827	)		(20,189	)
Uncollectible amounts billable in lease income		6,620			(35,792	)		8,895			(39,844	)
Total lease income	$	276,730			222,552		$	543,087			497,089

Components Of Tenant And Other Receivables

The following table represents the components of Tenant and other receivables in the accompanying Consolidated Balance Sheets:

(in thousands)	June 30, 2021		December 31, 2020
Tenant receivables	$	23,984	$	39,658
Straight-line rent receivables		88,298		86,615
Other receivables⁽¹⁾		19,228		17,360
Total tenant and other receivables	$	131,510	$	143,633

⁽¹⁾

Other receivables include construction receivables, insurance receivables, and amounts due from real estate partnerships for Management, transaction and other fee income.

COVID-19 Pandemic and Rent Concessions

During 2020, in response to the pandemic and the resulting entry into agreements for rent concessions between lessees and lessors, the FASB issued interpretive guidance relating to the accounting for lease concessions provided as a result of COVID-19. In this guidance, entities could elect not to apply lease modification accounting with respect to such lease concessions, and instead, treat the concession as if it was a part of the existing contract and therefore continue to recognize the deferred rents in the period originally billed subject to separate collectibility assessments under Topic 842. This guidance is only applicable to COVID-19 related lease concessions that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. The Company has elected to treat concessions that satisfy this criteria as though the concessions were part of the existing contract and therefore not treated like a lease modification.

The Company continues to negotiate with certain tenants, which may result in additional rent concessions as determined necessary and appropriate. In determining whether to grant concessions, the Company generally evaluates various factors, including the tenants’ business performance and ability to sustain their business in the current environment, as well as an assessment of their credit worthiness and ability to repay any deferred rent in the future. There can be no assurances that all such deferred rent will ultimately be collected, or collected within the timeframes agreed upon.